FCA plans ‘fundamental change’ to financial ombudsman

The Financial Conduct Authority will be consulting shortly on beefing up the Financial Ombudsman Service to replace ad hoc redress schemes.

Speaking before the Treasury Select Committee this morning (31 October), the FCA’s chief executive Andrew Bailey said the proposals would represent a “fundamental change” in the nature of the FOS.

He was speaking after addressing the issue of Royal Bank of Scotland’s treatment of small businesses.

This information comes from an article in FT Adviser.  Whether the way FCA/FOS intends to change the way it handles “ordinary” cases for ordinary people is not covered, but high powered cases such as the recent RBS and small business issues will require new skills and training for FOS staff which may affect the wider ethos.

Read the full story here

Categories: FCA, FOS

%d bloggers like this: